The table shows how a retired teacher invested a total of $8,500 in two accounts for 1 year. Complete the table.

How much interest will he have earned in the S L and the Credit Union?
A) 340 in the S L 255 in the Credit Union
B) 0.03x in the S L $0.04 ( 340 - x )$ in the Credit Union
C) 255 in the S L 340 in the Credit Union
D) 0.03x in the S L $0.04 ( 8,500 - x )$ in the Credit Union
E) $0.03 x$ in the S L $0.04 x$ in the Credit Union

Question

The table shows how a retired teacher invested a total of $8,500 in two accounts for 1 year. Complete the table.

How much interest will he have earned in the S L and the Credit Union?
A) 340 in the S L 255 in the Credit Union 
B) 0.03x in the S L $0.04 ( 340 - x )$ in the Credit Union 
C) 255 in the S L 340 in the Credit Union 
D) 0.03x in the S L $0.04 ( 8,500 - x )$ in the Credit Union 
E) $0.03 x$ in the S L $0.04 x$ in the Credit Union

Quizplus · Accepted Answer

To find the interest earned in each account, we need to multiply the amount invested by the interest rate.

In the S L account, the interest rate is 3%, so the interest earned will be 0.03x, where x is the amount invested in the S L account.

In the Credit Union account, the interest rate is 4%, so the interest earned will be 0.04(8,500-x), where 8,500-x is the amount invested in the Credit Union account.

To find how much interest the retired teacher earned in each account, we simply need to plug in the values from the table:

Interest earned in S L account = 0.03(3,000) = 90
Interest earned in Credit Union account = 0.04(5,500) = 220

Therefore, the total interest earned is:

90 + 220 = 310

The only answer choice that matches this total is D.

The Table Shows How a Retired Teacher Invested a Total 0.04(340−x)0.04 ( 340 - x )0.04(340−x)

The Table Shows How a Retired Teacher Invested a Total $0.04 ( 340 - x )$